Top 10 Cryptos Falter After Reaching Record Highs

After setting new highs in the last day, the crypto market, led by bitcoin, has given back some of its record gains in the last 24 hours, although valuations remain close to record highs.

Bitcoin dropped 1.16 points in the last 24 hours to $4,499.35, falling from a record $4,964.54 the previous day. However, the market leader gained 6.27 points for the last 7-day period, according to coinmarketcap.com.

Bitcoin actually hit $5,000 on several exchanges Sept. 2, although its CoinMarketCap average topped out at $4,975 for the day. However, once it touched that mark, traders initiated a massive sell-off. Within a couple of hours, the bitcoin price plunged to about $4,600 on Bitstamp. The movement was even more drastic on Bitfinex, where it dropped as low as $4,550.

While the majority of cryptos lost value in the last 24 hours, total market capitalization of $163.9 billion today remains close to yesterday’s record $166.3 billion.

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Bitcoin now holds 45.94% of the total crypto market, while runner-up Ethereum holds 19.92%.

Ethereum fell from a $388.66 on Sept. 2 to $343.11 today, although it was making a comeback, rising 9.84 points in the last 24 hours. The number two crypto gained 4.9 points in the last 7-day period.

Bitcoin Cash Grabs Third Place

Bitcoin Cash grabbed the number three spot from Ripple, having surged from $5.42.04 on Aug. 30 to $597.10 on Sept. 3. Bitcoin Cash’s market capitalization stood at just under $10 billion, compared to Ripple’s $8.637 billion.

Bitcoin Cash lost 4.36 points in the last 7-day period.

Ripple, now number 4, rose 0.35 points to $0.225253 in the last 24 hours. Ripple has gained 11.21 points in the last seven days.

Litecoin, number 5, inched up 0.01 points to $76.45 with a market cap of just over $4 billion, in the last 24 hours. Litecoin’s 7-day performance has been the strongest among the top 10 cryptos, having gained 46.32 points.

Top 10 Cryptos Hold More Value

The top 10 cryptos outperformed the majority of the cryptos which lost value in the last 24-hour period. Six of the top 10 posted gains. 64 of the top 100 cryptos registered losses. NEM, number 6 with a $2.664 billion market cap, lost 1.7 points in the last 24 hours.

Komodo, the number 22 crypto with a $283.272 market cap, led the gains in the last 24 hours, jumping 76.45 points. Number 32 ranked BitcoinDark, with a $133,518 million capitalization, gained 62.94 points.

The biggest loser in the 24-hour period was Hshare, number 14 with a $711.271 million market cap, losing 24.12 points.